Fort York 1-bed condo at $429,000 with 4.54% cap rate and tenant in place
A tenanted 1-bedroom condo at 170 Fort York Boulevard in Toronto's Waterfront Communities, listed at $429,000 with an estimated cap rate of 4.54%. The unit reaches positive monthly carry at 50% down and requires meaningful equity to clear breakeven.
Anatoli Chtcherbatov
Analyst · Sutton Group Admiral Realty
List price
$429,000
Cap rate
+4.54%
Est. monthly rent
$2,480
Source: comparables
CF at 50% down
+$369/mo
first positive
Cash-on-cash
+1.95%
at 50% down
The Deal
A tenanted 1-bedroom condo at 170 Fort York Boulevard in Toronto's Waterfront Communities, listed at $429,000 with an estimated cap rate of 4.
Section · Financial Reality
Five ways to buy. The math, side by side.
Each column shows the actual monthly cash flow and cash-on-cash return at that leverage. Click a column for the full breakdown.
Acquisition
| Down payment | $150,150 |
| Mortgage principal | $278,850 |
| Land transfer tax | $6,435 |
| Closing costs | $6,435 |
| Total acquisition | $163,020 |
Monthly cash flow
| Estimated rent | +$2,480 |
| Operating expenses | -$859 |
| Mortgage payment | -$1,629 |
| Net cash flow | -$7/mo |
Expense breakdown
| Property tax | $0/mo |
| Vacancy allowance | $124/mo |
| Maintenance reserve | $358/mo |
| Insurance | $179/mo |
| Property management | $198/mo |
Math by deterministic Python calculator. Rate 4.99% over 25 years. Rent source: comparables (33 comps).
Breakeven
This property turns cash-flow positive at 35.3% down.
Run your own scenario
Move the assumptions. See the math live.
Live result
All figures are estimates only and do not constitute financial advice. The sliders use the same math as the locked five-scenario calculator; only assumptions change. Total acquisition includes the down payment, land transfer tax ($6,435), and closing costs ($6,435).
Section · Investment Thesis
Why this property.
Suite 806 at 170 Fort York Boulevard is a 1-bedroom, 1-bathroom condo in Toronto's Waterfront Communities listed at $429,000. The building offers 24-hour concierge and the unit features 9-foot ceilings and an open-concept kitchen with granite countertop, steps from TTC and walking distance to a 24-hour supermarket, banks, library, community centre, park, and the downtown core. Estimated gross annual rent is $29,760 and estimated annual NOI is $19,456.20, supporting an estimated cap rate of 4.54% and gross yield of 6.94%.
Leverage sensitivity on this asset is high. At 20% down ($85,800), the estimated monthly cash flow is -$382.96 with a cash-on-cash return of -4.66%. At 35% down ($150,150), the estimated monthly cash flow is -$7.16, essentially neutral, with cash-on-cash of -0.05%. At 50% down ($214,500), the property turns positive at an estimated $368.65 per month and a 1.95% cash-on-cash return. At 75% down, estimated monthly cash flow rises to $995.00 with a 3.57% cash-on-cash, and an all-cash purchase yields an estimated $1,621.35 per month at 4.40% cash-on-cash.
The minimum recommended down payment for positive carry is 50%, with 35% down representing a near-breakeven entry point for investors prioritizing leverage. The hold thesis is long-term: Fort York is a mature downtown waterfront pocket with direct streetcar access to King and Spadina lines, proximity to the financial and entertainment districts, and ongoing waterfront infrastructure investment. Investors should plan for a 60+ month hold to absorb transaction costs and benefit from rent growth and amortization.
A tenant is already in place, which provides immediate income but limits the ability to reset rent to market or owner-occupy in the near term. The financial figures provided show $0 for monthly property tax and maintenance fee inputs; investors should independently verify condo fees and property tax before underwriting, and any deviation from the figures above would materially affect the cash-flow scenarios.
Key features
- 1-bedroom, 1-bathroom condo at 170 Fort York Boulevard, suite 806
- 24-hour concierge building
- 9-foot ceilings and open-concept kitchen with granite countertop
- Steps to TTC streetcar access
- Walking distance to 24-hour supermarket, banks, library, community centre, park, and downtown core
- Currently tenanted, providing immediate rental income
- Bedroom broadloom to be replaced with laminate flooring
- Estimated rent of $2,480/month derived from 33 comparables
Original MLS description
* 24 Hrs Concierge * 9' Ceiling * Open Concept Kitchen With Granite Countertop, Steps To TTC, Walking Distance To 24 Hrs Supermarket, Banks, Library, Community Centre, Park & Downtown Core, Existing Broadloom In The Bedroom Will Be Replaced With Laminate Flooring, Photos Were Taken Before Current Tenant Moved In. 24 Hours Notice For All Showing Appointments, Lock Box Available For Appointment. Bring RECO License For Appointment. (42896517)
All photos
10 additional · click any to expand
Section · Neighborhood
Where it sits.
Waterfront Communities
Waterfront Communities (Fort York) is a built-out downtown Toronto neighborhood bounded by the Gardiner, Bathurst, and Lake Shore. The area is served by the 509 and 511 streetcar lines connecting to Union Station and the King/Spadina corridor, and it borders the entertainment district and the financial core.
Tenant demand is driven by proximity to downtown employment, post-secondary institutions, and waterfront amenities including Trillium Park, Stackt Market, and the Martin Goodman Trail. The listing notes the unit is steps to TTC and walking distance to a 24-hour supermarket, banks, library, community centre, park, and the downtown core, which supports the rental comparable set used to derive the $2,480 monthly rent estimate from 33 comparables.
Section · Risk
What could go wrong.
Honest framing of unknowns, assumptions, and downside scenarios.
High leverage sensitivity: estimated monthly cash flow is negative at both 20% and 35% down, turning positive only at 50% down or higher
Tenant in place limits ability to reset rent to market or owner-occupy in the near term
Financial inputs show $0 monthly property tax and $0 maintenance fee; condo fees and taxes must be independently verified before underwriting
Rent estimate is derived from comparables rather than a signed lease; actual in-place rent may differ
Downtown Toronto condo supply remains elevated, which can pressure rent growth and resale timing
No square footage disclosed in the listing data, limiting price-per-foot comparison